Mexican Banks: Consumer Behavior Survey - Fintechs on the Rise and 12 Additional Takes

Research evidence excerpt

Mexican Banks: Consumer Behavior Survey - Fintechs on the Rise and 12 Additional Takes

J P M O R G A N Latin America Equity Research

15 July 2026

Mexican Banks

Consumer Behavior Survey - Fintechs on the Rise and

12 Additional Takes

Mexico remains underpenetrated in key consumer credit products, suggesting a Latin American Financials

ACmulti-year growth runway for unsecured and credit card lending. Given Nubank’s Yuri R Fernandes

recent banking license approval (link), we have updated our Consumer Behavior (1-212) 622-3400

Report, surveying 1,073 respondents in Mexico via SurveyMonkey, to address yuri.r.fernandes@jpmorgan.com

questions around account and product penetration, income and demographics, J.P. Morgan Securities LLC

how different players are tracking, and the key factors driving banking Guilherme Grespan

relationships, among others. Mexico has a younger population (~30 years average (55-11) 4950-3058

guilherme.grespan@jpmorgan.com

age vs. ~35 in Brazil) and ~30% higher GDP per capita (US$13.9k vs. US$10.7k). Banco J.P. Morgan S.A.

Despite ongoing challenges, the survey suggests that financial deepening is being

Fernanda Sayao

supported by fintechs. The main highlights are: (55-11) 4950-6588

fernanda.sayao@jpmchase.com

Banco J.P. Morgan S.A.

1. Banking relationships are becoming more “multi-banked”: fewer people with Diego Marquez Antonio

only one account; more with three-plus accounts. (52-55) 5339-94899

diego.marquez@jpmorgan.com

2. Nubank penetration (i.e., respondents who report having an account) rose J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

sharply, from 12% in 2023 to 32% in 2026; Mercado Pago appears at around Morgan Grupo Financiero

30% of respondents (it was not tracked in 2023). Reported figures also show Marcelo Santos, CFA